Pekin Hardy Strauss Inc. Purchases Shares of 50,800 Cleveland-Cliffs Inc. (NYSE:CLF)

Pekin Hardy Strauss Inc. acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 50,800 shares of the mining company’s stock, valued at approximately $649,000.

Other hedge funds have also recently made changes to their positions in the company. Altus Wealth Group LLC lifted its stake in Cleveland-Cliffs by 7.2% during the third quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock worth $152,000 after purchasing an additional 800 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in Cleveland-Cliffs by 7.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock worth $201,000 after acquiring an additional 949 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Cleveland-Cliffs by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after acquiring an additional 984 shares during the period. Clear Creek Financial Management LLC grew its position in Cleveland-Cliffs by 6.9% in the 2nd quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company’s stock valued at $238,000 after acquiring an additional 1,000 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Cleveland-Cliffs by 16.2% during the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock worth $129,000 after purchasing an additional 1,173 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 4.9 %

Shares of NYSE CLF opened at $12.46 on Monday. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of -12.85 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The business has a 50-day moving average of $12.64 and a two-hundred day moving average of $14.06.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter in the previous year, the firm earned $0.54 EPS. Cleveland-Cliffs’s revenue for the quarter was down 18.5% compared to the same quarter last year. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CLF. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Citigroup reduced their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.